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On July 8, 2026, the 100,000th Avatr 07 vehicle officially rolled off the line at the Avatr Digital Intelligence Factory. The next day, at the Avatr Experience Store in Singapore, Sir Konstantin Novoselov, a recipient of the Nobel Prize in Physics and known as the "Father of Graphene", received the car keys, becoming the 100,000th Avatr 07 owner. One is a sales milestone, the other is a genuine "top selection" by a top scientist - two major events happening in succession give Avatr 07's "going viral" this time a deeper footnote: it is not only a blockbuster at the market level, but also gained recognition from the world's top scientists at the brand value level.
The First Chinese Car for a Nobel Laureate: Why Avatr 07?
Professor Konstantin Novoselov won the 2010 Nobel Prize in Physics for his groundbreaking experiments in the field of two-dimensional graphene materials and is the youngest physics prize recipient since 1973. It is highly significant in itself that a scientist standing at the pinnacle of global research chose Avatr 07 as his first Chinese brand car.
In May this year, Professor Konstantin visited Chongqing for the first time to experience Avatr models. Avatr's highly recognizable future aesthetic original design, highly technological surround cockpit, and emotional intelligent interaction left a deep impression on him. After returning to Singapore, he ultimately chose Avatr 07 as his daily driver. At the delivery ceremony, Professor Konstantin stated: "Choosing Avatr 07 is because it perfectly fits my aesthetic standards and daily driving needs. This is my first Chinese brand car, and its innovative strength and luxury texture are both astonishing." A top scientist who deals with cutting-edge materials science every day was ultimately moved by a Chinese smart electric car - behind this, Avatr 07 truly achieved dialogue with the highest global standards in product definition and engineering implementation.
Standard Core Strength Across the Range, Supporting the Real Choice of 100,000 Users
It broke through 100,000 units less than two years after launch, and Avatr 07 has become the brand's sales mainstay. Such market performance is not accidental: The entire range is standardly equipped with Huawei Qiankun ADS intelligent driving system and HarmonyOS Cockpit HarmonySpace 5, achieving a full journey intelligent driving experience from parking spot to parking spot; The pure electric version is equipped with CATL 82.16kWh Shenxing supercharge battery, global 800V silicon carbide platform supports peak charging power of 420kW, 10 minutes can replenish 350km range; At the same time, the entire range is standardly equipped with 9 airbags, dual zero-gravity seats, Meridian audio, electric suction doors and other class-crossing configurations.
At the level of quality assurance, the Avatr Digital Intelligence Factory producing Avatr 07 is the world's first full-domain 5G Digital Intelligence AI Flexible Super Factory, certified by Huawei as a "Global Demonstration Point for Smart Factory Solutions", stamping workshop 100% automated, welding workshop 471 robots collaborate, aluminum alloy and high-strength steel proportion of the whole car exceeds 90%.
From Huawei Qiankun Intelligent Driving, HarmonyOS Cockpit, CATL Battery to top-tier smart manufacturing, Avatr 07 gathers the top capabilities of the Chinese smart electric vehicle industry chain in one, which is exactly the underlying logic of its rapid volume increase in the 250,000-level high-end market.
From 100,000 Units to Global Market, Avatr "New Luxury" Positioning Accelerates Realization
The 100,000th vehicle rolling off the line is not just the accumulation of sales figures for Avatr. Since starting overseas expansion from Thailand in 2024, Avatr has entered 43 countries and regions, and distribution outlets have increased to 95. High recognition of the Avatr brand by overseas consumers supports its average overseas selling price exceeding 300,000 yuan, achieving high-value overseas expansion and profitability. Avatr's overseas revenue in 2025 was 1.398 billion yuan, a year-on-year growth of over 5 times; Overseas sales from January to June 2026 increased by 80% year-on-year. Taking the Singapore market as an example, the starting price of Avatr 07 exceeds 1 million RMB, ranking in the core price range of local luxury brands, gaining favor from local high-net-worth populations, and becoming a Chinese brand model with high attention in the local high-end car market.
From Deputy Prime Minister of Thailand, King of Bhutan, Qatar Royal Family members, to the Nobel Prize in Physics recipient today, Avatr is continuously gaining real choices from different circles in the global high-end market. According to the plan, Avatr will enter the European market in 2026, expected to enter more than 110 countries and regions in 2030, continuously accelerating the layout of overseas sales networks.
At the same time, Avatr will also expand the product matrix - Avatr 07L will start pre-sales on July 17, positioned as a mid-to-large luxury SUV, forming positioning complementarity with Avatr 07, covering a larger user circle.
From the 100,000th vehicle rolling off the line to the Nobel laureate delivery, Avatr 07 sent a clear signal to the market with a perfect "dual event linkage": Chinese smart electric vehicle brands are establishing a true, high-value "New Luxury" brand perception in the global mid-to-high-end track with original design, core technology, and luxury texture.
In the Malaysian SUV market, many buyers compare Perodua Ativa and Honda HR-V when choosing a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
Perodua Ativa's OTR price in Malaysia is RM 62,500 - 73,400, with a total of 3 versions, including 1.0L Turbo X (RM 62,500), 1.0L Turbo H (RM 67,300), 1.0L Turbo AV (RM 73,400), etc.
Honda HR-V's OTR price in Malaysia is RM 115,900 - 143,900, with a total of 4 versions, including 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900), etc.
From a price perspective, Perodua Ativa's starting price is indeed RM 53,400 cheaper than Honda HR-V. If your budget is limited, Perodua's entry-level version can already meet daily needs. However, note that the cheaper few thousand ringgit might require trade-offs in features, depending on your specific needs.
Perodua Ativa's safety rating is 5★ (ASEAN NCAP), active safety systems include ASA 3.0 + ACC + LDA + LKA + BSM + RCTA.
Honda HR-V's safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
Both cars have the same safety rating, and safety features are quite comprehensive within this class. New cars nowadays do not lack in safety, so there is no need to worry too much about this.
Perodua Ativa body length 4400 mm, trunk 400 L.
Honda HR-V body length 4500 mm, trunk 450 L.
In terms of space, Honda HR-V's body is 100 mm longer than Perodua Ativa, offering an advantage in passenger space. However, Perodua Ativa is a bit more flexible for parking in the city, each has its trade-offs.
Perodua Ativa and Honda HR-V are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with a better reputation; if you care more about cost-performance and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both, as firsthand experience is the most important.
Overall, Perodua Ativa and Honda HR-V are both very good models in the Malaysian market. Which one to choose ultimately depends on your personal needs and budget. It is recommended to do your homework, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a big matter, spending some time doing research will definitely not be wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Perodua Ativa 同 Honda HR-V 嚟做比較。呢兩款車喺價錢同定位上都幾接近，而家我哋就從多個方面做一個詳細嘅對比，幫你慳返做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。
Honda HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 - 143,900，一共有 4 個版本，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900） 等。
從價錢嚟睇，Perodua Ativa 嘅起步價真係比 Honda HR-V 平咗 RM 53,400。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要留意，平嗰幾千塊，可能會喺配備上有所取舍，具體就要睇你嘅需求。
Perodua Ativa 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Honda HR-V 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Honda HR-V 嘅 1.5L Turbo 比 Perodua Ativa 嘅 1.5L 4-cyl 多咗 35 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得唔夠力。
Perodua Ativa 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Honda HR-V 保修 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Perodua Ativa 同 Honda HR-V 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更看重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更介意性價比同配備，那就揀配備更豐富嗰款。最後始終建議兩款都去試駕，親身體驗先至最緊要。
總體嚟講，Perodua Ativa 同 Honda HR-V 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵仲係要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
In the Malaysian sedan market, many buyers compare Proton Persona and Honda City when choosing a car. These two cars are quite close in price and positioning, so today we will make a detailed comparison from multiple aspects to help you save time on homework.
Proton Persona has an OTR price in Malaysia of RM 47,800 - 58,300, with a total of 3 versions, including 2025 1.6L Premium (RM 58,300), 2025 1.6L Executive (RM 53,300), 2025 1.6L Standard (RM 47,800), etc.
Honda City has an OTR price in Malaysia of RM 84,900 - 112,900, with a total of 4 versions, including 2023 1.5L RS (RM 99,900), 2023 1.5L V (RM 94,900), 2023 1.5L E (RM 89,900), etc.
From the price perspective, the starting price of Proton Persona is indeed RM 37,100 cheaper than Honda City. If your budget is limited, Proton's entry-level version can already meet daily needs. But also note, the few thousand yuan savings might have trade-offs in features, depending on your specific needs.
Proton Persona is equipped with 1.0L 3-cyl, horsepower 70 hp. Official fuel consumption 5.0 L/100km.
Honda City is equipped with 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
In terms of power, Honda City's 1.5L 4-cyl has 35 more horsepower than Proton Persona's 1.0L 3-cyl. However, for daily city driving, the power of both cars is sufficient, you won't feel it lacks power.
Proton Persona's safety rating is 5★ (ASEAN NCAP), active safety systems include Basic.
Honda City's safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
The safety rating of both cars is the same, safety equipment in this class is considered quite comprehensive. New car safety is not poor nowadays, no need to worry too much about this point.
Proton Persona warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Honda City warranty 5 years/Unlimited mileage, maintenance interval every 10,000km or 6 months.
Overall, Proton Persona and Honda City are both very good models in the Malaysian market. Which one to choose, the key depends on your personal needs and budget. It is recommended to do your homework, compare quotes from multiple car dealerships, then test drive to make the final decision. Buying a car is a big matter, spending time doing homework will never be wrong.
喺馬來西亞嘅汽車市場，好多買家喺揀車嘅時候都會拿 Toyota Fortuner 同 Volvo XC40 來做比較。今日我哋由多個方面做一個詳細嘅對比，幫你慳咗做功課嘅時間。
Toyota Fortuner 喺馬來西亞嘅 OTR 售價係 RM 195,880 - 241,880，一共有 3 個版本，包括 2024 2.8T VRZ Diesel（RM 241,880）、2024 2.7L SRZ Petrol（RM 202,880）、2024 2.4L Standard Diesel（RM 195,880）等。
Volvo XC40 喺馬來西亞嘅 OTR 售價係 RM 278,888 - 278,888，一共有 1 個版本，包括 2025 2.0T Plus（RM 278,888）等。
從價錢來看，Toyota Fortuner 嘅起步價確實比 Volvo XC40 便宜咗 RM 83,008。如果你預算有限，Toyota 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會有取舍，具體要看你嘅需求。
Toyota Fortuner 嘅安全评分係 5★ (ASEAN NCAP)，主動安全系統包括。
Volvo XC40 嘅安全评分係 5★ (Euro NCAP)，主動安全系統包括 Pilot Assist, City Safety (標準)。
Toyota Fortuner 車身長 4400 mm，行李廂 400 L。
Volvo XC40 車身長 4400 mm，行李廂 400 L。
兩款車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
Toyota Fortuner 同 Volvo XC40 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更看重品牌口碑同二手價，可以優先考慮口碑好嗰款；如果你更在意性價比同配備，嗰就揀配置更豐富嗰款。最後都係建議兩款都去試駕，親身體驗先係最重要嘅。
總嘅嚟講，Toyota Fortuner 同 Volvo XC40 都係馬來西亞市場好唔錯嘅車型。揀邊一輛，關鍵都係要看你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
在馬來西亞的汽車市場，很多買家在揀車嘅時候都會拿 Chery Tiggo 7 Pro 同 Subaru Crosstrek 來做比較。今日我哋由多個方面做一個詳細嘅對比，幫你省做功課嘅時間。
Chery Tiggo 7 Pro 喺馬來西亞嘅 OTR 售價係 RM 123,750 - 123,750，一共有 2 個版本，包括 1.6L Turbo Standard（RM 125,000）、1.6L Turbo Premium（RM 140,000） 等。
Subaru Crosstrek 喺馬來西亞嘅 OTR 售價係 RM 145,000 - 160,000，一共有 1 個版本，包括 2.0L e-Boxer（RM 150,000） 等。
由價錢睇嚟，Chery Tiggo 7 Pro 嘅起步價確實比 Subaru Crosstrek 平咗 RM 21,250。如果你預算有限，Chery 嘅入門版已經可以滿足日常需要。但都要注意，便宜嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需要。
Chery Tiggo 7 Pro 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
Subaru Crosstrek 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
兩款車用嘅係同一套動力系統，所以日常開起嚟嘅感覺基本冇咩分別。油耗方面都差唔多，唔使太糾結這一點。
Chery Tiggo 7 Pro 車身長 4400 mm，尾箱 400 L。
Subaru Crosstrek 車身長 4400 mm，尾箱 400 L。
兩款車嘅尺寸幾咁一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
Chery Tiggo 7 Pro 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
Subaru Crosstrek 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
兩款車嘅保修條件一樣，呢方面唔使糾結。實際保養成本仲要睇品牌嘅服務網絡同零件價格，建議去車友群問下真實車主嘅經驗。
總嘅嚟講，Chery Tiggo 7 Pro 同 Subaru Crosstrek 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都係要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
Connecting smart green transportation, enjoying a wonderful journey! On May 22, the ceremony for the batch delivery of Zhongtong New Energy Tourist Coaches to Macao China Travel Service Co., Ltd. under the Southlight Group (hereinafter referred to as "Southlight Macao Travel") was successfully held in Macao. Wang Zhijian, Party Secretary and Chairman of Shandong Heavy Industry Group, and Fu Jianguo, Chairman of Southlight Group, attended the event and cut the ribbon.
The delivery of this batch of range-extended new energy coaches is a landmark achievement of the deep collaboration between Zhongtong Bus and Macao's culture, tourism, and transportation sectors to jointly build a green and low-carbon Greater Bay Area. It is also a vivid practice of Zhongtong Bus using core technologies to create green application cases for the global high-end market and promoting the high-quality development of global green transportation.
Deeply Cultivating Core New Energy Technologies
Empowering Macao's Low-Carbon Transportation Development
As a high-end window for China's opening up and an important node city of the Greater Bay Area, Macao sets strict standards for the safety, stability, comfort, and regional environmental adaptability of passenger vehicles. It is a "high-end trial field" to test the smart manufacturing strength of new energy coaches.
Southlight Macao Travel is Macao's largest land passenger transport service provider. As a leading enterprise in Macao's tourism industry and a core operating entity for transportation, culture, and tourism, it has deeply cultivated Macao's entire industry chain of "eating, living, traveling, entertainment, sightseeing, and shopping". It is the backbone force of Macao's public transportation and cultural tourism passenger transport services.
To actively respond to the Macao Special Administrative Government's "Macau Long-term Decarbonization Strategy" and "Green Transition of Land Transportation" deployment, and implement the national "Dual Carbon" goals, in recent years, Southlight Macao Travel has comprehensively launched the new energy upgrade of its passenger fleet, accelerating the construction of a green, smart, and efficient modern passenger transport system. Zhongtong Bus has become its core partner for new energy development.
Zhongtong Bus has deepened its focus on new energy technology R&D and possesses the capability for full-series new energy coach product solutions, including pure electric, hybrid, and range-extended technologies. At the same time, with deep exploration of the global market, Zhongtong Bus has accumulated a massive amount of complex road conditions and multi-scenario operation data. Technology iterations continue to lead the industry.
Relying on hardcore technology and extreme adaptability, Zhongtong Bus's cooperation with Southlight Group covers cross-border, urban, and tourist passenger transport fields. The total cooperation scale reached 600 units, effectively boosting the quality improvement and upgrade of the local transportation industry.
Deeply Adapting to Macao Scenarios
Customizing to Build Green Travel Benchmarks
Macao has a special regional environment, complex road conditions, congested traffic, and limited charging resources, facing challenges in new energy transition. Based on a deep understanding of Macao's local operation scenarios, Zhongtong Bus has tailored a range-extended product solution for the local area.
Zhongtong range-extended coaches combine the dual advantages of pure electric models (quiet and comfortable, zero idling pollution) and fuel vehicle models (worry-free range, convenient refueling/recharging), precisely solving Macao's pain points of insufficient charging infrastructure, limited long-distance range, and high operating costs.
At the same time, the vehicle has undergone comprehensive upgrades in comfort details and intelligent safety. High-end configurations such as ergonomic seats and healthy environmental interior decoration improve the quality standards of cultural tourism passenger transport. Deeply optimized vehicle passability and turning radius make the vehicle better adapt to Macao's street conditions, improving operational flexibility and safety. At the same time, the vehicle integrates intelligent systems such as collision warning, automatic emergency braking, tire pressure monitoring, and driving assistance, achieving a dual upgrade in safety and intelligence.
Relying on refined customization and all-dimensional comfort experiences, Zhongtong range-extended coaches have now become the main model for Macao tourism transfer and commuter services. Delivered in three batches to the Macao market, it has won high recognition from passengers and users.
Leading the Global Green Track
Zhongtong Manufacturing Empowers Global High-Quality Development
Currently, the global carbon neutrality process is accelerating, and the green public transportation system is iterating and upgrading. New energy coaches have become a winning track for China's automotive industry development.
As a representative enterprise in China's coach industry, Zhongtong Bus closely follows the national "Going Global" strategy and the "Belt and Road" Initiative deployment. It takes new energy going overseas as a core development strategy, continuously increasing investment in overseas markets. Against diverse global market needs, it adheres to localization strategies, tailoring solutions for the market and enhancing product adaptability.
In Chile, over 1,000 Zhongtong pure electric coaches have become the backbone of local green public transportation; in Denmark, Zhongtong coaches on Bornholm Island have become a green landscape for the local area; in Dubai, Zhongtong Bus pioneered the entry of Chinese coach brands into the Dubai public transportation system; in Singapore, Zhongtong new energy coaches continue to provide innovative solutions for public transportation in Singapore's high-density cities...
Currently, more than 100,000 Zhongtong new energy coaches are roaming around the world. They not only bring green, intelligent, and efficient travel experiences to the world but also demonstrate the quality standards and innovative strength of Chinese manufacturing to the globe. With high-quality, highly intelligent, and low-energy-consumption green coach product solutions, they contribute Chinese wisdom and Chinese solutions to the development of global green transportation.
車型概覽
寶馬7系 PHEV 值唔值得睇，第一步唔係望牌子或者外形，而係睇佢能唔能夠配合你嘅香港日常。 呢篇會集中講續航、電池同補電安排，幫你用買家角度篩走唔適合嘅選擇。
零售價 HK$ 1,349,569、完稅價 HK$ 2,899,000 令預算位置更清楚，買家可以先估算月供、保險、泊車同日常開支。
購車價格指南
寶馬7系 PHEV 嘅購車預算可以先由 零售價 HK$ 1,349,569、完稅價 HK$ 2,899,000 開始計。香港買車唔只係睇車價，月供、保險、牌費、泊車同能源成本都會影響每月壓力。
如果有幾個版本可揀，可以先將 2025 M760e xDrive（HK$ 2,899,000） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 寶馬7系 PHEV 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
17.6 kWh 嘅電池容量，真正意義係可以幫你估算一星期通勤同周末出車要唔要中途補電。 16.3 kWh/100km 嘅耗電表現，會影響你去快充站或者屋苑充電位嘅頻率。 381 Ps / 280 kW / 145 kW、520/280 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 5391 mm、車闊 1950 mm、車高 1544 mm、軸距 3215 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。
優缺點分析
寶馬7系 PHEV 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：預算位置清楚，方便同同級車直接比較、日常能源成本有基本參考、電池同續航資訊有助安排通勤同補電。
要留意嘅係，要先確認屋苑、公司或常去商場嘅充電條件、香港停車場同窄路使用要留意車身闊度。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 寶馬7系 PHEV 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「BMW M760e xDrive 嘅電池容量有幾大？」簡單講，BMW M760e xDrive 配備 18.7 kWh 嘅鋰電池，而純電模式嘅續航力大約有 84 公里（WLTP 標準），足夠日常短途代步做到零油耗。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 寶馬7系 PHEV 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先用 零售價 HK$ 1,349,569、完稅價 HK$ 2,899,000 鎖定預算圈、再睇動力係咪足夠應付高速併線同滿載、再比較能源成本同補能便利、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 寶馬7系 PHEV 最重要係先諗清楚充電節奏。屋苑、公司或者常去商場只要有穩定充電選項，電動化用車就會容易相處好多。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
車型概覽
寶馬iX2 值唔值得睇，第一步唔係望牌子或者外形，而係睇佢能唔能夠配合你嘅香港日常。 呢篇會集中講家庭乘坐、行李同舒適度，幫你用買家角度篩走唔適合嘅選擇。
完稅價 HK$ 599,899 - 799,900 令預算位置更清楚，買家可以先估算月供、保險、泊車同日常開支。
購車價格指南
寶馬iX2 嘅購車預算可以先由 完稅價 HK$ 599,899 - 799,900 開始計。香港買車唔只係睇車價，月供、保險、牌費、泊車同能源成本都會影響每月壓力。
如果有幾個版本可揀，可以先將 2025 eDrive20（HK$ 599,899）、2025 eDrive20 M Sport Edition（HK$ 669,900）、2025 xDrive30 M Sport Edition（HK$ 799,900）、2025 xDrive30（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 寶馬iX2 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
64.8 kWh 嘅電池容量，真正意義係可以幫你估算一星期通勤同周末出車要唔要中途補電。 150/230 kW、250/494 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 4554 mm、車闊 1845 mm、車高 1560 mm、軸距 2692 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 固定齒比、前置前駆 / 雙電機四駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
寶馬iX2 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：預算位置清楚，方便同同級車直接比較、電池同續航資訊有助安排通勤同補電、動力輸出對高速同上斜更有底氣。
要留意嘅係，要先確認屋苑、公司或常去商場嘅充電條件、香港停車場同窄路使用要留意車身闊度。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 寶馬iX2 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「BMW iX2 嘅行李箱空間實用嗎？」簡單講，BMW iX2 嘅行李箱標準容量為 525 公升，由於採用咗大斜背設計，開口非常寬闊方便拎取大型物件。若摺低後排座椅，BMW iX2 嘅載物空間更可擴展至 1,400 公升，無論係擺放戶外運動裝備定係超市購物袋都非常方便。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 寶馬iX2 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先用 完稅價 HK$ 599,899 - 799,900 鎖定預算圈、再睇動力係咪足夠應付高速併線同滿載、再比較能源成本同補能便利、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 寶馬iX2 最重要係先諗清楚充電節奏。屋苑、公司或者常去商場只要有穩定充電選項，電動化用車就會容易相處好多。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
6 月 6 日，212 越野車環塔拉力賽收官慶典於青島舉辦，體育從業人員、職業車手、參賽用戶及後勤團隊齊聚，回顧 2026 環塔 7500 公里極限賽事成果。本次環塔成績並非單次賽事的短期高光，而是 212 倚靠賽事驗證技術、落地產品、搭建用戶體系的階段性落地成果，從賽事表現到全產業鏈佈局，能夠清晰梳理出品牌務實的發展路徑與長期成長邏輯。
在總長 7500 公里、地貌複雜多變的環塔賽程中，行業多數參賽車輛普遍採用大幅度改裝方案優化動力與底盤，212 反其道而行，以近乎原廠量產狀態的 T01 車型參賽，用 2.0T 動力直面 3.0T 改裝車型，完成跨級別競技。賽事關鍵賽段 SS10-SS13 斬獲兩冠一亞，拿下 T2.1 量產組廠商隊亞軍，同時成為組別唯一全隊完賽廠商。量產原車拿下專業賽事名次，直接打破硬派越野領域「原廠車無法適配頂級拉力賽事」的行業慣性認知，以實戰數據完成產品硬實力背書。
成績依托於系統化的硬件研發落地。T01 標配 2.0T 動力總成與采埃孚 8AT 變速箱，搭配博格華納分動器，低速四驅扭力放大 2.64 倍，解決中小排量車型越野低扭不足痛點；非承載車身 + 前後整體橋的傳統硬派架構，疊加針對戈壁路況專屬調校底盤與全車鍍鋅鋼板，在顛簸、碎石、重載工況下保持車身穩定性；乘員艙結構補強、安全配置配齊，實現極限越野性能與民用安全標準兼顧。整套硬件並非為賽事臨時訂製，而是面向終端用戶的量產配置，賽事本質成為產品可靠性的露天耐久測試場。
區別於多數車企賽事僅作品牌宣傳的淺層打法，212 完成賽事成果市場化轉化。慶典官宣環塔實測改裝套件上架官方商城，底盤防護、越野輪轂、脫困裝備等經過極限路況驗證的配件面向普通消費者銷售，實現賽場技術民用化落地。這套模式打通賽事研發與終端消費的鏈路，將賽事投入轉化為產品增值點，拓寬車型後續衍生收益，是硬派越野品牌商業化的有效探索。
在中長期戰略層面，212 已敲定喀爾拉力賽、馬來西亞雨林賽、阿拉善 T3、2027 環塔等多場國內外賽事參賽計劃，持續以多地域、多地貌賽事反向驅動整車研發迭代。同步啟動 2027 環塔民間車手招募，聯合韓魏設立專業越野培訓學院，面向普通車主提供系統化參賽培訓。此舉跳出單一造車邏輯，構建「車輛產品 + 改裝配件 + 越野培訓 + 賽事參賽」的完整用戶生態。
縱觀國內硬派越野車市場，同質化改裝、賽事營銷流於表面是普遍現狀。212 以環塔為支點，一邊用嚴苛賽事打磨量產車核心性能，一邊圍繞用戶需求延伸越野配套服務與參賽渠道，由單一整車製造商，向越野生活服務商轉型。依托產品實力打底、全鏈路生態加持 212 的產品競爭力與品牌護城河持續增厚，在國內硬派越野細分賽道具備持續向上的確定性。
Influenced by disturbances in the Middle East situation and a sharp rise in international fuel prices, the Australian automotive market is undergoing profound structural changes. Local residents' vehicle usage costs and living costs continue to rise, driving consumer demand to accelerate towards high cost-performance electric models.
Against this backdrop, Chinese automakers quickly seize the market with mature new energy technologies and affordable pricing, achieving significant sales growth and continuously squeezing the survival space of Japanese automakers. This year, Australia's vehicle imports from China exceeded imports from Japan for the first time, marking a fundamental shift in the Australian car market landscape that has persisted for many years.
Chinese Automakers Break Through Strongly, Traditional Japanese Advantages Continue to Loosen
The Australian car market has long been dominated by Japanese brands like Toyota, but market influence has accelerated in changing since the beginning of this year. Data from automotive research institution Cox Automotive shows that from January to April this year, BYD became the automaker with the largest sales growth in Australia, selling 13,269 more new cars year-on-year. Chery, Geely, Great Wall, and Jaecoo followed closely, jointly joining the top five spots for sales growth in Australia.
Sealion 7; Image Source: BYD
In stark contrast, Toyota, the market leader in Australia, saw a significant drop in sales, decreasing by 17,502 year-on-year, the largest decline in the industry. Japanese brands such as Mitsubishi, Nissan, and Mazda, as well as American Ford, all experienced varying degrees of sales contraction.
In recent years, the layout pace of Chinese automakers in Australia has continued to accelerate, with market penetration achieving leapfrog growth. From 2022 to date, the number of Chinese models on sale in Australia has grown more than five times, reaching 70 models, with a total of 11 Chinese automakers and 22 brands taking root in the local market.
From January to April this year, the overall sales share of Chinese brands in Australia rose to 25%, a significant leap from less than 15% in the same period last year. In contrast, Japanese automakers, despite occupying 40% of the Australian market share in the first four months of this year, having deep roots, and Toyota remaining the highest-selling automotive brand in Australia, growth has basically stalled under the continuous impact of Chinese cars, and market share is being gradually eroded.
Image Source: Toyota
The trend of changing the global automotive industry landscape is becoming increasingly obvious: this year, the total volume of cars imported by Australia from China exceeded the number imported from Japan for the first time, which includes both domestic Chinese brand models and foreign brand models produced in factories in China.
In the first four months of this year, Australia imported 107,196 vehicles from China, up 60% year-on-year; imported 94,500 vehicles from Japan, down 23% year-on-year; China surpassed Japan for the first time to become Australia's largest automotive import source country; meanwhile, Australia imported 72,689, 47,492, and 17,569 vehicles from Thailand, South Korea, and Germany respectively, all lower than the import scale from China, and the market competitiveness of Chinese cars significantly improved.
Cox Automotive analyst Mike Costello analyzes that Australia's new car annual sales are stable at around 1.2 million units, the market volume is solid, and with more Chinese automakers continuing to enter the field, the market share of traditional automakers will be further squeezed. "Chinese rise, Japanese decline" has become one of the core trends of the Australian car market.
Mike Costello said: "Simply put, the current market pattern shows the characteristics of rising market share for Chinese automakers and declining market share for Japanese automakers. Japanese brands still have substantial overall depth, but the overall growth rate of the Australian car market is only a few percentage points."
Oil Prices and Cost-Performance Resonate, Chinese Enterprises Lead the Australian New Energy Track
In this round of market changes, new energy vehicles have become the core force leveraging the change in the pattern. Previously, Australia's electrification progress lagged behind the global mainstream market for a long time, with consumers preferring traditional fuel vehicles. However, the skyrocketing oil prices triggered by the Middle East situation, combined with government car purchase subsidy policies, significantly activated local new energy consumption potential, and the electric vehicle market welcomed explosive growth.
In March this year, sales of electric vehicles in Australia accounted for nearly 20% of total passenger car and SUV sales, and market penetration speed significantly accelerated. Industry predictions suggest that sales of electric vehicles in Australia in 2026 are expected to reach 150,000 units, achieving an increase of about 50% compared to last year.
Relying on dual advantages of technology and price, Chinese automakers have already occupied a dominant position in the Australian new energy track. Data shows that Chinese automakers hold a 54% share of the Australian pure electric vehicle market, and the share in the plug-in hybrid market is as high as 76%.
In terms of specific sales dimensions, Tesla Model Y slightly leads the pure electric vehicle sales list, with BYD Sealion 07 (Sealion 7) following closely; in the overall electric vehicle sales list, BYD leads by a wide margin with cumulative sales of 14,406 units, leading the second-place Tesla's 8,485 units.
Image Source: Tesla
The new energy trend has covered the entire market of new and used cars. According to data from the Australian Automobile Dealers Association, the transaction volume of local used electric vehicles doubled in March compared to February, and market consumption heat continued to heat up.
James Voortman, CEO of the Australian Automobile Dealers Association, stated that rising oil prices, policy subsidy support, combined with the entry of a large number of high cost-performance Chinese electric vehicles, multiple factors jointly accelerated the popularization process of local pure electric and hybrid models.
James Voortman said: "Many people ignore one point: electric vehicles pouring into the Australian market have seen a significant price drop, and one core reason is the entry of a large number of high cost-performance Chinese models. Lowering the threshold for car purchase, no need to bear high fuel costs daily, and combined with policy subsidies, for consumers planning to buy new or used cars, electric models already possess extremely strong purchase attraction."
Compared to the high usage costs of traditional fuel vehicles, Chinese hybrid and pure electric models balance the core advantages of low purchase price and low-cost maintenance, precisely matching the current Australian public's need to reduce living expenses.
Mike Costello stated: "Currently, there is increased pressure on people's living costs, and more and more people tend to choose electric vehicles, and Chinese automaker products just fit these two major market demands. Chinese vehicle pricing is generally more advantageous, hybrid and pure electric vehicle technologies are mature, and product strength is outstanding."
From a market logic perspective, the fuel-saving and durability advantages of Japanese fuel vehicles are gradually being offset by the comprehensive cost-performance of electric vehicles in the era of high oil prices, which is also one of the core underlying logics of the continued weakness of Japanese brands and the rapid rise of Chinese automakers. As the electrification wave continues to deepen, the market position of Chinese brands in the Australian market is expected to be further consolidated.
Have you ever seen the roads in India?
I've seen them online.
The scene is usually like this: a sedan blocked behind a cow, motorcycles running wild nearby, even milk tea vendors nearby, so "clean and hygienic".
However, in a place where many feel physically uncomfortable after watching, Toyota, Suzuki, Honda and other Japanese car companies decided to bet on India.
According to the Indian "Brand Quality Foundation" website, the three car companies will invest nearly $11 billion to build factories, increase capacity, and develop exports in India.
Some netizens commented: Did the three Japanese car companies have too much money?
In fact, they didn't have endless money to spend, nor were they bewildered by Indian curry. These Japanese car executives are much clearer than us.
Current Japanese car revenue and market share are declining. Raw material costs are soaring. Looking at the world map, finding a market that can accommodate capacity, expand share, and has gentle competition is not easy.
So, it wasn't that Japanese car companies chose India, but because they had no choice.
The Pain of Japanese Car Companies
Past Japanese cars were truly the envy of others.
Ask old drivers who drove Japanese cars over ten years ago, talking about Japanese cars, almost no one doesn't give a thumbs up, cheap price, fuel saving, durable...
Even many Japanese cars needed to be bought at a markup, but who would think this iron fortress would be beaten out of sight in a few short years.
With the wave of new energy vehicles coming, electrification and intelligence became the goal for many domestic car companies to "leapfrog". Relying on China's strong new energy vehicle industry chain advantages and car companies' own persistence on R&D and technology, Chinese independent brands quickly achieved "leapfrogging".
Domestic cars once criticized are now becoming more and more common on the roads, even surpassing joint ventures in share.
According to CPCA data, in April 2026, the share of independent brands reached as high as 62.5%, far exceeding Japan's 13.1%.
You need to know, the Chinese car market is the largest car market in the world. Losing speed in the Chinese market is like losing a huge piece of cake.
Meanwhile, the main theme of the Chinese market in recent years is still price wars. Racing on configuration, price, and service has become a normal state, which also had a huge impact on Japanese cars' profits.
Apart from China, Japanese cars are also not doing well in the US.
On January 20, 2025, Trump swore in as the 47th US President, starting a series of chaotic operations, including imposing additional car tariffs in the name of national security, causing the tariff rate for imported Japanese cars to reach as high as 27.5% at one point. Although it decreased later, it was still far higher than the initial tax rate.
This operation directly led to a tariff loss of over 2 trillion yen for seven Japanese car companies in fiscal year 2025.
Looking at Japan itself, it is actually not easy either.
Middle East geopolitical conflicts blocked shipping in the Strait of Hormuz, transportation costs and raw material costs soared, Japanese car companies also had to suffer in silence.
Executives looking at the reports, their backs went cold, only to find a new growth curve.
So, Japanese car companies didn't fall in love with India, there was nowhere else to go.
Deep Thought on Choosing India
So, what magic does India have, to make Japanese car companies invest heavily?
The first advantage is big. In 2025, the Indian car market achieved 5.517 million new car sales, up 6% year-on-year, breaking the historical record, ranking as the third largest car market in the world, exceeding Japan for four consecutive years, second only to China and the United States.
The value of this doesn't need me to say much. India achieved this result mainly because India has been promoting tax reduction policies to promote consumption, which led to a significant increase in domestic consumption willingness.
The second advantage is close, meaning it is close to places where Japanese cars sell well, such as Africa.
So, India for Japanese car companies is more like a convenience store built in the center of a crossroad. You don't need to ship cars to eight countries separately, just build well at this stop in India, then unload ship by ship, and you can save a lot of costs.
The Nikkei also believes that India is expected to become its global car supply center.
The third advantage is stability. You know, Japanese cars' advantage is fuel cars, after all, the three major components of engines, gearboxes, and chassis, they have played for many years, technology accumulation is number one in the world.
But the Chinese car market has fully promoted electrification and intelligence development, leading to Japanese cars' advantage becoming weaker and weaker, impossible to play out. But India is different, it has the characteristics of few charging piles and slow electrification process. Indian old people buying cars still look for cheap, fuel saving, easy to fix, and these three points are exactly Japanese cars' old trade.
Especially Suzuki, always been India's car market evergreen, almost always sitting on the best-selling model throne, reputation of being worry-free, better than any advertisement.
So, Japanese car companies' vigorous layout of the Indian market is obviously carefully considered.
But, is the Indian market really that easy to mix?
The Hard-to-Bite Indian Market
Of course, India is not perfect like a hot commodity, its disadvantages are as obvious as its advantages, and every one is enough for Japanese car companies to face a hard time.
First talk about electrification. Yes, right now India has few charging piles and electric cars don't sell well, it is indeed a shelter for Japanese fuel cars. But you have to think, how long can this "shelter" avoid?
India previously shouted the slogan of 30% of new cars being electric vehicles by 2030. Although it sounds like bragging, but can't help but they really give subsidies, really build charging stations.
Imagine, what if one day India suddenly wakes up, starts vigorously promoting electrification, doing infrastructure, charging piles popping out like mushrooms after rain, then Japanese cars will be dumbfounded?
Isn't this a version of the Thai market?
Back then Japanese cars in Thailand won easily. The entire Southeast Asian market was called Japanese cars' backyard. Result Thailand took the lead in promoting electrification. Chinese electric vehicles came in, directly became a hot commodity. Look at Japanese cars again, share in Thailand falling down rapidly.
If India accelerates electrification, history will likely repeat, and this time, Japanese cars don't even have a place to flee, how to prevent will become the first problem for Japanese car companies.
Next talk about policy. India's policy is like a pot of curry, you never know if you will eat chicken or potato next time.
This magical country, today low tariff encourages building factories, tomorrow may fine you a huge amount. What's more annoying is mandatory joint venture. Foreign car companies want to sell cars in India, have to find local partners to partner up. When your factory is built, supply chain is done, India directly backstabs you. At that time whether adding money or withdrawing capital, what you get is heartache.
So you see, this market like India is like a mango that looks very sweet, bite the first mouth it's okay, chew two more mouths hit the hard core.
Japanese cars now is calculating, while the core hasn't bit the tooth, hurry up to nibble a few more mouths, but the core will bite sooner or later, just don't know which day.
Epilogue
Japanese cars this trip to India, not go for tourism, is go to make a living.
Chinese and Southeast Asian dining tables are more crowded, production and transportation costs have risen. Looking around the world, only this pot in India is still steaming, even if what is boiling inside is curry-flavored stones, have to bite hard and chew down.
Japanese car companies want to expand market, India wants to pull economy, solve employment, both sides have their own thoughts.
As for the ending is Japanese cars in India regain their glory, or like past competitors shamefully walk away, then is not known.
But no matter how, this play just started, we slowly watch is okay.
Anyway India's story, never bored.
On June 1, Geely Automobile Holdings Co., Ltd. (shturl.) released May sales data, with sales reaching 237,637 units that month, achieving double-digit growth month-over-month and year-over-month for three consecutive months. New energy, overseas exports, and each brand segment delivered outstanding performance, demonstrating strong growth momentum.
Sales Rise Across the Board; New Energy Share Continues to Lead
In May, Geely Automobile's overall sales grew steadily, with its three core brands working in synergy:
Group new energy sales (including Geely, Lynk & Co, ZEEKR) reached 133,355 units, accounting for 56.1%, exceeding 50% for four consecutive months, showing significant results in new energy transformation.
Overseas markets achieved another breakthrough. May export sales reached 85,144 units, a new historical high. Among them, new energy product exports were 40,803 units, accounting for 47.9%, with global layout continuously deepening.
Multiple Brands Work in Unison; Product Matrix Continues to Upgrade
ZEEKR: Luxury Pure Electric Sales and Value Rise Together; Flagship New Product Leads with Power
The refreshed ZEEKR 009 officially launched on May 19, with a limited-time price starting at 413,800 yuan after benefits. The seven-seat Ultra+"Family Edition" order share exceeded 60%. The new car features a full-stack 900V high-voltage architecture, CLTC range of 720 km, adding 510 km of range in 10 minutes of charging, 0-100 km/h acceleration in just 3.9 seconds, paired with a 700 TOPS computing power Thor-U chip, achieving the pinnacle of intelligence and performance.
ZEEKR 7X global cumulative deliveries exceeded 160,000 units, expanding to over 40 regions in one year of going global; ZEEKR 9X cumulative deliveries surpassed 60,000 units, with shooting brake model confirmed orders continuously breaking 10,000.
Lynk & Co: Electrification Transformation Accelerates; Sports Performance Redefined
Lynk & Co May new energy model sales were 14,688 units, accounting for 70.8%. Lynk & Co 10 and Lynk & Co 10+ officially launched at the end of May and started the first batch of deliveries, redefining the standard for mid-to-large size sports pure electric sedans with ultimate driving control.
Coinciding with the brand's 10th anniversary, nearly 100 Lynk & Co stores nationwide completed image refreshes, and channel new energy transformation is landing on a large scale; meanwhile, signing Han Dongjun as the Automotive Sports Ambassador, with frequent race results, winning multiple championships in TCR China and CTCC events.
Geely Brand: Hit Models Frequently; Covering All Sub-segments
Dual Breakthrough in Globalization and Intelligence; Strengthening the Foundation for Development
Overseas markets bloomed in multiple points, with multiple ZEEKR and Geely Galaxy models topping sales lists in sub-segments in countries such as Australia, Mexico, and Malaysia; in May, Geely Automobile reached a strategic cooperation with the England team, continuously expanding the globalization "friend circle."
In the field of intelligence, Qianli Haohan assisted driving cumulative mileage reached 1.38 billion kilometers, activation rate 93.8%, year-on-year growth 215%, cumulative avoidance 8.9 million times, safety strength industry-leading. Geely Galaxy Starship 7 EM-i completed extreme collision tests, demonstrating Chinese automobile manufacturing strength with hardcore safety.
Based on the "One Geely" strategy, Geely Automobile will continue to deepen new energy and intelligence transformation, accelerate global layout, drive the Chinese automobile industry to continue upward with all-round upgrades in products, technology, and brands.
At the May market data press conference of the China Association of Automobile Manufacturers, the current market situation was summarized as "domestic demand under pressure, foreign trade strong".
Entering 2026, the overseas exports of Chinese automobile enterprises have continued to climb. April and May saw consecutive monthly exports exceeding 900,000 units. In May, the overseas export volume had reached 930,000 units, just one step away from 1 million monthly exports.
Beneath the eye-catching macro data, the overseas market operational model of Chinese automobiles is also quietly changing. In May, SAIC MG, which has already accumulated sales of over 1 million units in the European market, deployed its direct sales system in Belgium, Luxembourg, and Switzerland, taking another "big step" in the development of the overseas market for Chinese automobiles.
Regarding this all-new initiative, SAIC Group did not disclose it on a large scale to the outside. I discovered the cause of this new trend was June 15, at the "2026 China Enterprise Global Influence Dialogue" ceremony hosted by Jiemian Finance Lianshe under the guidance of Shanghai United Media Group, where it won two major awards at once: "Top 100 China Enterprises Global Influence" and "Top 10 Automotive Vehicle Industry", and thus brought out some slight information about the all-new initiative.
From an overall perspective, the "hard power" of SAIC Group winning two awards at once is evident: In May, SAIC's overseas sales volume reached 130,000 units. Cumulative overseas sales from January to May were 589,000 units, a year-on-year increase of 45.9%. At the same time, the "Global Layout + Local Deep Cultivation" global market integration strategy newly launched by SAIC is also promoting "Technology Going Global, Value Chain Going Global, and Eco-Creation Together".
As written in the theme song lyrics of the TV series "The Protagonist": When the sky is dark, the moon shines brighter. There are too many highlights in SAIC Group's overseas strategy. So why did I single out the "Direct Sales System" of SAIC MG among so many highlights?
Observing from a macro perspective, the overseas layout of Chinese automobile enterprises is mainly divided into two major sectors: manufacturing and sales. Among them, the manufacturing sector includes brands such as SAIC Group, Chery, BYD, Great Wall, Geely, Changan, Xpeng, and Dongfeng Mengshi/Voyah, which have all laid out in many countries and regions overseas. There are wholly-owned production factories as well as more KD factories.
On the sales side, the vast majority of Chinese automakers adopt a "Dealer-led" and "Joint Venture Cooperation" model. This dealer system was also gradually formed after the SAIC Group, which developed the overseas market earliest, connected the "Ren and Du meridians". The prominent advantage lies in fast landing and higher market development efficiency.
After that, some new Chinese car brands began to attempt to adopt a "Dealer-led, Direct Sales-assisted" operational model in high-regulation regions in Europe. This includes brands like Zeekr, Xpeng, and NIO. In the domestic market, they are mainly direct sales models with dealerships as a supplement, while in the overseas market, they go against the trend.
Compared with the dealership model, the direct sales model is obviously higher in cost and risk, but "without middlemen", not only does the local consumer benefit more, but the speed of new product landing is faster, and the feedback efficiency of local consumer needs is also higher.
So compared to the dealership model, the "High Risk, High Return" self-operated model must have a sufficient market foundation to unfold in a "systematized" manner. Therefore, the systematized self-operated model of SAIC MG in Belgium, Luxembourg, and Switzerland is also a brand new attempt made by Chinese automobiles moving steadily in the overseas market.
SAIC MG is not only the first Chinese automobile brand to achieve cumulative sales of 1 million in Europe, but also the first brand to attempt "systematized self-operation" in high-regulation regions in Europe by Chinese automobiles. Its confidence comes from the foundation of SAIC's deep cultivation in the European market: From January to May this year, cumulative sales of SAIC MG in Europe exceeded 150,000 units, a year-on-year increase of 20%, continuing to maintain the sales championship of Chinese automobile brands in Europe. Among them, MG in the UK market not only retained the Chinese brand championship, but total sales also remained stable in the top six of global automobile brands.
In other national and regional markets, SAIC MG also performed remarkably. For example, during the Thailand Bangkok International Motor Show, MG won 10,537 orders, surpassing Japanese brands such as Honda, Mazda, Suzuki, and Nissan that previously dominated the Southeast Asian market leaderboards. In Australia and New Zealand, MG3 and MG4 achieved market shares of 21.1% and 12.8% respectively in their sub-segments, ranking first and third respectively. In Chile, MG ZS is the sales champion of the local SUV market...
Not only that, besides SAIC MG, SAIC IM, SAIC Maxus, SAIC-GM-Wuling and other brands have global layouts in the two major fields of commercial vehicles and passenger vehicles. For the time being, the brands under the SAIC Group have achieved full coverage of five continents. At the same time, multiple brands are advancing side by side, with richer product combinations and operational capabilities closer to local needs to achieve new system upgrades. For SAIC Group, which has been the first to realize cumulative sales exceeding 100 million for Chinese automobile enterprises, globalization not only means the "bigger" sales volume, but also needs to achieve true "stronger" development, and take the front seat in the fierce competition of global brands!
Author: Liu Jungang
On May 28, the all-new Geely Xingyuan officially launched, with comprehensive range upgrades across the full range: 310 km upgraded to 410 km, 410 km upgraded to 480 km. The new car launches four models: 410km Aspiring Edition, 410km Riding Wind Edition, 480km Exploration Edition, 480km Exploration+ Edition, with a limited-time offer price of 61,800 Yuan to 91,800 Yuan. To meet the needs of different users, for the 410km version, the option to select the 310km range powertrain is still available, with the price reduced by 7,000 Yuan after selection. Effective immediately, users can place a deposit via the Geely Galaxy APP or WeChat Mini Program to enjoy rich benefits including a ten-tier car buying gift package and a limited-time super trade-in allowance. Additionally, users who place a large deposit and lock their order before June 30, 2026, can enjoy a super trade-in allowance of 3,000 Yuan.
The experts strike again. With the official launch of this all-new Geely Xingyuan, there is further advancement upon the classic. With five major upgrades comprehensively renewing the product, over 100 product capability upgrades are brought to users, achieving over 25 class-exclusive features, providing class-leading experience with generationally leading technology for users. As the sales champion across all categories in the 2025 China Car Market, Geely Xingyuan deliveries exceeded 700,000 units within 573 days, ranking in the top 3 of global New Energy Vehicle sales in the first quarter of this year. It is the only model from a Chinese brand to enter the top 3 in global New Energy Vehicle sales, continuously releasing champion momentum. At the new car launch event, Geely Xingyuan spokesperson Josie Ho also appeared on site to share her true stories with Geely Xingyuan with everyone, using gentle and firm power to support the new car, witnessing the renewal moment of this champion pure electric small car together with 700,000+ users.
At the same time, the new car collaborates with Xiaohongshu to create the country's first mobile "Immersive Travel" car launch event, taking everyone to experience and enjoy the beautiful. Not only that, Geely Xingyuan also collaborates with cross-industry brands such as CATL, Capybara, Colorkey, Goodbaby, Myfoodie, to innovatively create "Harbor Family, Alley Family, Rainforest Family, Silk Road Family, Nomad Family" five major life scenarios, focusing on core daily commuting scenarios, directly hitting users' real vehicle usage needs, redefining the pure electric small car value benchmark with champion strength.
Champion Strength One: Ultimate Driving Dynamics Upgrade - First Global Native Architecture + China-German Joint Tuning
Geely Xingyuan brings a calm, easy, light, and agile driving experience for every trip. This champion strength comes from Geely's first global native architecture and track-level tuning: Geely Xingyuan is the first in its class to adopt a native architecture, the first to standardize rear independent suspension, the first to be globally tuned pure electric small car, letting users experience for the first time that pure electric small cars can also have ultimate driving dynamics!
Good driving dynamics must stand up to inspection. Currently, Geely Xingyuan has entered over 30 countries worldwide. The R&D team gathered global resources, conducted comprehensive verification for different global extreme road conditions, making the all-new Geely Xingyuan comprehensively upgrade in the three core experiences of "Driving, Steering, Braking", once again leading small car driving dynamics into the 2.0 era. The G-TCS 2.0 All-Weather Anti-slip System ensures no slip, no rear-wheel swing, and no rolling on flat roads, slopes, and curves while retaining rear-wheel drive flexible fun, allowing new drivers to drive calmly; the new brushless steering system responds 1 time faster, supports three steering modes and steering center self-learning; the G-CST 2.0 All-Scenario Comfort Braking System simulates the feeling of an experienced old driver, braking without head nod, driving without motion sickness. In addition, Geely Xingyuan is the only one in its class that successfully challenged the Fishhook Test at 130km/h, and the first in its class to successfully pass the Moose Test at 80.7km/h pure electric small car, handling performance comparable to the 200,000 Yuan class sports coupe.
Champion Strength Two: Efficient Three-Electric Upgrade - Full Range CATL Standard + 480km Range + 19-Minute Fast Charge
310 km upgraded to 410 km, 410 km upgraded to 480 km, the all-new Geely Xingyuan achieves comprehensive range upgrades across the full range. Range is sufficient without gimmicks, charging is fast and lasts long, electricity is saving and not expensive, whether for daily commuting or occasional long-distance travel, the all-new Geely Xingyuan can easily handle it. The new car is the only one in its class to standardize CATL battery cells, liquid cooling temperature control, and 11-in-1 high integration electric drive for the full range, Three-Electric strength has been the class ceiling since launch. The new car is equipped with exclusively customized CATL new generation battery cells, energy density reaches 190Wh/kg, maximum CLTC range 480km, sufficient for daily commuting and weekend outings; coordinating with the class-exclusive active front grille and low drag wheels, drag reduced by 15 counts, actual range increased by another 10km.
Range is solid, energy replenishment efficiency must also be continuously upgraded. In terms of energy replenishment, 30%-80% fast charge only takes 19 minutes, a cup of coffee time to depart with full charge; liquid cooling system and new BMS guarantee full speed charging whether hot or cold, and charging speed up does not sacrifice battery life. At the same time, the class-exclusive Star Wisdom AI Cloud Power 2.0 achieves full-link energy management, covering intelligent charging and discharging, off-peak electricity price recognition, battery temperature maintenance, energy consumption diagnosis, and battery maintenance functions, making every charge efficient and every trip worry-free.
Champion Strength Three: AI Cockpit Upgrade - Geely Flyme Auto 2 Smart Cockpit System + Eva Large Model
The all-new Geely Xingyuan packs warmth and intelligence into the cockpit, making the vehicle more usable, more understanding, and more comprehensive. The all-new Geely Xingyuan is equipped with Geely Flyme Auto 2 Smart Cockpit System, based on 7nm automotive-grade Longying No. 1 chip and 16G+128G large storage, reaction is fast, operation is smooth, anyone can learn it. Users can switch maps or favorite wallpaper desktops at will, cute pet wallpaper supports interaction functions, adding fun to the cockpit.
New AI Eva is even more the user's personal smart partner, voice assistant Hi EVA supports fuzzy instruction understanding and context memory, can complete vehicle control, Q&A, entertainment operations, everything is skilled. Users only say "Hi Eva, I want to go home", the vehicle can automatically call latest Amap 850 Version to select the optimal route. At the same time, the in-vehicle machine adds support for CarPlay phone interconnection, compatible with iOS devices seamless connection, local commonly used applications all available, cloud has 200+ massive applications to choose from at will. There are also invisible mode, car wash mode, one-click car search and other considerate scenarios, as well as personalized custom assistants, auto open navigation adjust AC when getting off work, exclusive welcome ceremony full of rituals. From navigation to entertainment, from life to surprise, the all-new Geely Xingyuan smart cockpit comprehensively covers user daily needs.
Champion Strength Four: ADAS Upgrade - Qianli Haohan H3 ADAS Solution
The all-new Geely Xingyuan is equipped with the Qianli Haohan ADAS H3 solution, which shares the source with high-end models, can cover multiple driving scenarios, every function is truly helping users improve driving experience. This system has safely driven 1.38 billion kilometers, user growth rate is first, relying on G-ASD smart driving underlying layer and Star Wisdom AI Large Model, bringing "better to use the more you drive, smarter the more you drive" intelligent experience.
Highway Elevated NOA is not limited by road and rain/fog weather, supports voice lane change, multi-scenario avoidance and automatic ramp entry/exit, users only need to lightly hold the steering wheel to easily drive long distance. All-scenario MPI takeover rate over 200 km, equivalent to continuous driving 3 hours only needs takeover 1 time. At the same time, parking aspect can achieve all-scenario adaptation, APA parking assist function supports one-key parking in, fingertip parking, remote parking, covering over 300 types of parking scenarios. Aiming at new driver parking difficulty, female driver parking easily nervous and other real pain points, HPA memory parking supports 2km ultra-long memory, cm-level precise positioning, after learning one route can automatically park in for the whole process,具备 smart following car, autonomous finding space, obstacle avoidance functions, temporary route change also no need to re-learn, effectively reducing parking operation difficulty. In addition, DMS active fatigue detection if detected driver appear fatigue behavior or distracted driving, will timely remind driver; Sentry Mode can protect parking safety 24 hours all-day, if abnormal immediately record video and send to user's phone. From departure to arrival, from driving to parking, the all-new Geely Xingyuan makes complex driving simple and reassuring, letting users leave more energy for the scenery on the road and the laughter of companions.
Champion Strength Five: Comprehensive Safety Upgrade - Three-Electric Safety + Active & Passive Safety
Safety is Geely's gene carved into the bones! For Geely, whether large car or small car, whether luxury model or mainstream model, all brands under the banner adopt the same safety philosophy and strict standards. Geely has built and invested over 2 billion Yuan global area-wide safety center, and released "People, Vehicle, Road, Cloud, Star" integrated area-wide safety 2.0 system, covering life safety, health safety, property safety, privacy safety four core safety domains. All-new Geely Xingyuan also follows this high standard, and upholds "Small Car, Must Have Big Safety" concept, making small car safety to the extreme.
Passive safety aspect, all-new Geely Xingyuan created Five Verticals, Eight Horizontals Star Cage Body, like a solid yet light armor, front rear left right all done careful reinforcement - front end three force transfer paths cooperate with double "Cloverleaf" stress relief structure, side battery to threshold spacing 149mm and add double anti-collision longitudinal beams, rear end 750mm long rear overhang and double "Well-shaped" rear subframe form solid barrier; roof compression strength increased to 3.4 times car weight, AB pillars and roof cross beam etc core area material upgrade, even if encounter rollover or heavy object pressing top, cockpit still safely, side curtain airbag pressure holding technology more can in rolling time continuously protect head.
In terms of battery life, Geely Xingyuan verification standard increased to 2 times national standards, after completing 1000 cycles battery capacity still maintain 90.72%. Even more actual driving 84,000 km Xingyuan, successfully challenge seawater corrosion, muddy water flushing, bad road scraping bottom, extreme burning etc six series extreme tests, completed industry first.
To further improve battery safety protection, all-new Geely Xingyuan in user invisible places still hard work, adopts industry leading BDMU high voltage device deep integration technology, make BMS battery management system and BDU high voltage distribution unit two-in-one, greatly reduce interfaces, reliability again step up, from root reduce battery sealing failure risk. Worth mentioning, May 12, Geely partnered with CCTV completed class first, also class only one front and side continuous collision, high voltage system timely power down, battery pack not smoke fire, passenger compartment structure complete, airbags precise point blast, non-collision side door can normally open. In addition, all-new Geely Xingyuan equipped full tire pressure direct display, DOW door opening warning, Sentry Mode, also have AEB active braking and AES emergency steering double insurance, successfully through 120km/h static vehicle brake stop and 130km/h "Vanishing Lead Vehicle" active avoidance test, performance far exceed industry mainstream level.
Trusted by 700,000 Users, From China Champion to Global Top Three, Champion Journey Never Stops
Always imitated, never surpassed. Relying on high standards from R&D to manufacturing and generationally leading product strength, Geely Xingyuan has always won industry recognition and user love. Since October 2024 launch, Geely Xingyuan cumulative deliveries have exceeded 700,000 units, equivalent to selling one unit every minute, it is not only the fastest in the whole industry to achieve this goal star model, but also won the 2025 China Car Market Sales Champion in one go. Entering 2026, Geely Xingyuan still continues to lead, firmly ranking at the top, in this year's first quarter global New Energy Vehicle sales ranking, Geely Xingyuan first time ranked in global top three, achieved China A0 electric car new milestone.
Geely Xingyuan not only hot sales domestic, in overseas market equally widely praised, currently landed over 30 countries and regions worldwide. In Brazil launch two months sales exceeded 2300 units; in Thailand auto show single week orders won 3300 units, and won "Brazil Annual Best Compact Electric Car" and "Indonesia Auto Show Most Favorite Electric Car" dual international grand prix. On streets all over the world, Geely Xingyuan is becoming "China Smart Manufacturing" flowing new name card.
All-new Geely Xingyuan advancement, let Geely Galaxy brand in pure electric small car race track again raised the "High Quality Good Price" benchmark. In future, Geely Galaxy will continue to adhere to "Building Everyone's Smart Premium Car" original intention, accurately grasp users' most real needs, in each market segment all for users bring products and services exceeding expectations.
On June 1, Geely Automobile officially released the May 2026 sales report: Total group sales reached 237,637 units, achieving double growth month-on-month and year-on-year for three consecutive months.
The overall car market this year has not been easy, with many brands under pressure to adjust. Against the backdrop of overall market pressure and intensified industry competition, Geely carved out its own rhythm, making steady progress and running smoother. Especially in the new energy sector, sales reached 133,355 units in May, with penetration rate surging to 56.1%, exceeding half for four consecutive months, firmly establishing itself in the new energy main track.
In this eye-catching data, Geely Xingyuan is definitely the brightest one in the field — single month sales in May were 36,426 units, accounting for nearly 45% of Galaxy sales, truly a top-tier star.
1. May Sales Soar, Xingyuan Carries Half the Load
In May, four major brands under Geely exerted effort simultaneously: Geely Brand 182,528 units, Lynk & Co 20,732 units, Zeekr 34,377 units. The three lines of premiumization, globalization, and youthfulness were developing healthily and sustainably in sync.
As the group's new energy main force, Geely Galaxy sold 81,727 units in May, while the Xingyuan model alone contributed 36,426 units. Roughly for every two Galaxies sold, one is a Xingyuan. Accounting for nearly 45% of the Galaxy brand's share, it is the unquestioned sales leader. This achievement is not luck, but an inevitable result of long-term market reputation and product power accumulation.
Since its launch, the popularity of Xingyuan has never dropped: Cumulative deliveries exceeded 700,000 units in 573 days, selling one unit per minute, firmly holding the top spot in China's car market all-category sales champion for 2025; in 2026, it even broke into the global new energy top three in the first quarter, becoming the only model from a Chinese brand to enter the global top three.
From a home commuting small car to a global hit, Xingyuan has step-by-step turned the "Chinese Small Car" into a world showcase.
2. All-New Xingyuan Launches Refreshed, 61,800 Yuan Upwards, Five Champion Strengths Maxed Out
On May 28, the all-new Xingyuan officially launched. Limited-time benefit price 61,800 - 91,800 yuan. No flashy gimmicks, no trap-style configurations. With over 100 product power upgrades and 25 industry-unique hardcore strengths, plus the market heat that exploded upon launch, it defines the benchmark for 100,000-level pure electric small cars again. This upgrade is summarized in one sentence: Max out everything users care about most.
1. Powertrain Upgrade: Range and Fast Charging Both Top-Tier
The all-new Xingyuan series range is increased, with a maximum CLTC range of 480km (previous model 410km), anxiety-free daily commuting; the only in its class with CATL cells + liquid cooling temperature control + 11-in-1 highly integrated electric drive standard across the series. 30%-80% fast charging takes only 19 minutes, full charge departure in one coffee time, charging efficiency is the ceiling of its class.
2. Driving Control Beyond Class: Native Rear-Wheel Drive + Track-Level Tuning
Many people think cheap small cars are hard to drive, but Xingyuan directly breaks prejudice: The all-new Xingyuan is the first in its class to use a global native architecture, standard rear-wheel drive, and independent suspension pure electric small car. Stable chassis, responsive steering, easy to drive and park.
Joint track-level tuning by China and Germany, combining handling stability and flexibility. Moose test 80.7km/h, Fishhook test 130km/h successfully passed. Handling performance rivals 200,000 yuan level sport coupes; G-TCS 2.0 all-weather anti-slip system, G-CST 2.0 all-scenario comfort braking, not only can novices drive easily, veteran drivers can also find fun.
3. Intelligence Maxed Out: Flyme Auto 2 + Hanhu H3
Cabin intelligence comprehensively upgraded, equipped with Galaxy Flyme Auto 2, 7nm Longying No. 1 chip + 16G+128G large storage, operation is silky smooth. AI Eva voice assistant supports fuzzy instructions, context memory, car control and entertainment handled in one click. Also equipped with Hanhu H3 intelligent driving solution, Highway NOA, All-scenario APA parking, HPA memory parking (2km ultra-long memory), 1.38 billion km safe driving verification, smarter the more you drive, safer the more you drive.
4. Safety No Compromise, Small Cars Have Big Safety
Xingyuan has always emphasized: "Small cars must have big safety". The all-new Xingyuan uses a five-long-eight-transverse star-armor cage body. Roof compression strength reaches 3.4 times vehicle weight, protecting the passenger compartment to the maximum extent during collisions.
Battery safety is even stricter: National Standard 2x test standard, after 1000 cycles capacity still 90.72%, passed CCTV same-class only front + side continuous collision test. High voltage system power off timely, battery no fire, passenger compartment no deformation, guarding every trip. Simultaneously standard DOW door opening warning, AEB active braking, Sentry mode, active and passive safety fully maxed out, giving users full sense of security.
5. Breaking Out Overseas, Becoming the "Made in China" Calling Card
Xingyuan not only leads domestically, but in the overseas market it is a "Made in China" card, already landed in 30+ countries and regions. Brazil launched in 2 months sold 2,300+ units, Thailand auto show single week orders 3,300 units; won Brazil Annual Best Compact Electric Vehicle, Indonesia Auto Show Most Loved Electric Vehicle. Chinese small car, is shining on the world stage.
3. New Energy Penetration Rate 56.1%, Xingyuan is the Growth Core
In May, Geely new energy penetration rate reached 56.1%, breaking 50% for more than 4 consecutive months, transformation speed and quality are leading the industry. To achieve this, Xingyuan has contributed significantly. It accurately fits into the 100,000-level most mainstream market, did not blindly follow the price war, but won users with solid product power. With 61,800 yuan starting price + upgrade-level product power, breaking the "low price low quality" cognitive, touching millions of families with high quality and good price; relying on mature and reliable powertrain, safe and stable quality, intelligent and user-friendly experience, continuously accumulating user reputation, forming a market consensus: "Buy 100,000-level pure electric small car, choose Xingyuan first".
Summary:
From May single month 36,426 units, to cumulative 700,000 units; from China champion to global top three. Xingyuan did not breakout relying on gimmicks, but step by step, using range, fast charging, driving control, intelligence, safety five hard strengths, conquered 10 million users, and also became the confidence behind Geely's high-quality growth.
In the increasingly competitive car market, Geely's ability to achieve double growth for three consecutive months and new energy penetration over half cannot be separated from hit models like Xingyuan. In the future, the all-new Xingyuan will continue to deepen the 100,000-level market, bringing upgrade-level experience to more families, and also help Geely run steadier and farther on the new energy track.
港交所網站掛出一咗一份熟悉嘅招股書。
5 月 28 日，繼去年 10 月首次遞表失效後，智能駕駛解決方案提供商蘇州天瞳威視電子科技股份有限公司（天瞳威視）再次向港股主板發起重衝，由匯豐及華泰國際聯席保薦。
喺智能駕駛賽道從「講故事」轉向「拼量產」嘅 2026 年，天瞳威視嘅二次遞表唔單止係一次資本試探，更係一場關於中國智駕供應商生存現狀嘅集中檢閱。
呢間被認為係「算力效率派」代表嘅公司，一邊連住從采埃孚到上汽、北汽嘅豪華產業資本陣營，一邊卻面臨住現金流緊繃、海外明顯回落嘅現實困境。喺呢場 IPO 嘅博弈中，光鮮同陣痛並存。
01
邊個係「天瞳威視」？
天瞳威視嘅創辦人王曦係一位典型嘅「回國」技術派。佢畢業於北京航空航天大學，後喺英國雷丁大學攻讀計算機科學博士學位。
喺決定創業之前，王曦曾經喺汽車零部件供應商天合汽車（TRW）及采埃孚擔任算法工程師同技術負責人，深度參與咗早期 ADAS 系統嘅開發。
2016 年，王曦捕捉到國內汽車智能化嘅風口，回國喺蘇州創立咗天瞳威視，定位係「以軟件算法驅動智能駕駛」嘅本土解決方案提供商。
公司嘅名字「天瞳」寓意「天之眼」，意在打造車輛感知萬物嘅視覺中樞。佢從最初嘅視覺感知算法起步，逐步擴展至行泊一體域控制器、L4 級自動駕駛系統等軟硬件結合嘅整體方案。
天瞳威視融資情況。資料來源：企查查
成立後不久，天瞳威視就獲得德聯資本、盛世投資嘅天使輪融資。此後十年時間，天瞳威視累計完成咗超過 10 輪融資，融資總額近 10 億元。
從招股書披露嘅股權結構嚟睇，天瞳威視構建咗深度綁定嘅「產業 + 資本」生態圈。
一方面，產業夥伴站台，全球汽車零部件巨頭采埃孚唔單止係其 C 輪領投方，亦係其戰略合作夥伴，持有天瞳威視 6.93% 嘅股份，位列第四大股東；國內方面，上汽集團通過上汽北美產投持股，北汽集團通過北汽產投佈局其中，地平線同商湯科技亦係戰略投資者。
另一方面，地方國資護航，唐山機器人基金、吳中金控等國資背景基金喺 D 輪及 D+ 輪入場，提供咗約 5.23 億元嘅資金支持。
截至最後實際可行日期股權架構
截至目前，王曦透過直接持股同員工持股平台合共控制公司約 40.84% 嘅權益，依然保持住對公司嘅控制權。
02
「兩條腿」行路
天瞳威視喺業務佈局上採取咗「雙軌並行」嘅策略。
喺 L2-L2+ 級輔助駕駛領域，天瞳威視嘅選擇非常務實。佢並冇盲目追逐算力堆疊嘅「軍備競賽」，而係走咗一條高性價比路線。
作為典型嘅視覺派智駕供應商，佢喺 L2 量產方案上以視覺感知為主，融合毫米波雷達同超聲波雷達，能夠喺較低算力平台上實現高級功能。例如，基於地平線 J6B 芯片（約 20TOPS）嘅方案即可支持行泊一體、高速 NOA。
呢種打法擊中咗 10 萬 -20 萬級主流車款對成本敏感嘅痛點。根據灼識諮詢嘅數據，按 2024 年裝機量計，天瞳威視係中國第二大同時提供行車同泊車解決方案嘅以軟件為核心嘅 L2-L2+ 級方案提供商，市場份額為 14.3%。
2024 年中國具備行泊一體能力嘅以軟件為核心供應商格局
截至最後實際可行日期，天瞳威視獲得 23 個汽車品牌嘅 198 款車款嘅 L2-L2+ 級解決方案定點函，並實現 6 個汽車品牌嘅 105 款車款嘅量產；獲得定點函嘅 198 款車款中有 87 款覆蓋海外市場，其中 59 款已實現量產。
但值得注意嘅係，L2-L2+ 市場正在經歷劇烈嘅「紅海化」。
一方面，經緯恆潤、福瑞泰克等本土 Tier1 正在加速追趕；另一方面，部分頭部車廠開始將低階智駕方案從外購轉為內部集成。
天瞳威視能否維持佢喺「性價比方案」領域嘅領先地位，取決於佢能否持續保持算法對低算力平台嘅優化能力，而這需要喺研發投入上持續加碼。
喺高級 L4 級自動駕駛領域，天瞳威視更多扮演「先鋒」角色。這亦係佢近兩年增長最快嘅板塊。
早在 2019 年，佢就參與咗上海洋山港嘅 5G 智能重卡項目。目前佢嘅 L4 方案覆蓋 Robobus、Robotaxi 同 Robotruck。其中，Robobus 係佢最具代表性嘅產品線，已喺蘇州、天津等城市嘅公開道路投入常態化試營運。
2025 年，天瞳威視從 L4 級解決方案產生收入 3.75 億元，佔公司總收入嘅 68% 以上，大部分收入來自 L4 級軟件解決方案。
然而，硬幣嘅另一面係商業化嘅曲折。雖然 L4 業務營收暴增，但佢嘅交付形態目前以「軟硬件一體解決方案」為主，呢種模式本質上接近「項目制交付」或「小規模車隊部署」，與 L2 業務中「純軟件授權 + 白盒交付」嘅高毛利、大規模複製邏輯存在顯著差異。
呢就直接導致 L4 業務毛利率嘅大幅波動：喺部分自研硬件佔比较高嘅項目中，毛利率一度低至 15%。
截至遞表日，公司雖手握超 10 億元嘅 L4 意向訂單，涵蓋 2500 架車，但呢啲訂單預計要喺未來三至五年內先會陸續交付，短期內對現金流嘅改善作用有限。
此外，天瞳威視仲有部分應收來自工程服務，主要涉及道路測試、數據收集支援及數據標註服務以及公司嘅專有工具鏈。
03
財務嘅雙面鏡
招股書嘅財務部分，展現咗智駕行業最真實嘅「B 面」：規模同虧損嘅極限拉扯，同埋賬面現金同營運消耗之間嘅緊張博弈。
營收高增長，但結構劇烈波動。
財務數據顯示，公司嘅營收呈現爆發式增長，從 2022 年嘅 1.72 億元增長至 2024 年嘅 4.83 億元，複合年增長率高達 67.7%。2025 年全年營收進一步增長至 5.5 億元。
但收入結構嘅變化明顯。2023 年，公司依賴 L2-L2+ 業務，佔比 90.2%；去到 2024 年，L4 業務佔比升至 50.2%；2025 年，L4 業務佔比進一步拉高至 68%。呢種「斷崖式」嘅結構切換，雖然證明佢 L4 技術搵到咗落地場景，但亦令市場質疑佢 L2 業務係咪已觸及天花板。
毛利率同純利潤嘅背離，呢係天瞳威視面臨嘅最大挑戰。
從毛利睇，整體毛利率喺 30% 左右徘徊，喺呢個技術密集型嘅智駕行業屬於中等水平。但細拆睇嚟，L2-L2+ 業務嘅毛利率通常能維持喺 40% 以上，純軟件授權模式，而 L4 業務嘅毛利率則因「軟硬件一體」交付中硬件佔比提高而被顯著拉低。
從純利潤睇，雖然表面虧損額較大，2024 年虧損 4.63 億、2025 年虧損約 2 億，呢度包含大量因優先股公平值變動帶來嘅「紙面虧損」。剔除呢個因素後嘅經調整純利潤更能反映公司嘅真實經營狀況：2024 年已收窄至 -438 萬元，但 2025 年並未如市場預期實現轉正，而係錄得約 -1086 萬元，虧損較 2024 年有所擴大。
呢個背後有一個不可回避嘅關鍵前提：調整後嘅「減虧」乃至「接近盈虧平衡」，係喺公司持續壓縮研發投入嘅基礎上實現嘅，研發費用從 2024 年嘅 1.17 億元降至 2025 年嘅 9231 萬元，研發費用率從 2024 年嘅 24.3% 進一步降至 16.8%，而 2022 年呢個數字曾高達 108.7%。對於一家科技公司嚟講，研發強度嘅「退坡」是否會影響未來嘅技術護城河，係一個潛在風險點。
現金流持續告急，最令人擔憂嘅信號。
根據最新招股書，截至 2025 年 12 月 31 日，公司賬上嘅現金及現金等价物為 2.35 億元，較 2025 年 6 月 30 日嘅 3.74 億元淨減少 1.39 億元，現金消耗速度較快。
更值得警惕嘅係經營現金流由正轉負且缺口持續擴大嘅趨勢。2023 年，公司經營活動現金流淨額為正向流入 1.15 億元，但 2024 年迅速轉為淨流出 1.89 億元，2025 年進一步惡化至淨流出 2.93 億元。
與此同時，應收賬款周轉急劇惡化。公司嘅貿易應收款項從 2023 年嘅 0.89 億元升至 2025 年嘅 5.48 億元，三年增長超過五倍，而同期營收增幅僅約 2.7 倍。
更令人擔憂嘅係應收款項周轉天數從 2023 年嘅 191 天同 2024 年嘅 166 天，到 2025 年驟升至 300 天，意味著公司從完成交付到收回款項平均需要接近一年時間。呢相當於變相為客戶提供長期無息墊資，喺資金本就緊張嘅情況下進一步加劇咗流動性壓力。
此外，雖然天瞳威視係首家出海嘅中國智駕軟件供應商，但 2025 年佢嘅海外業務遭遇咗明顯回落。2023 年天瞳威視海外收入為 1.27 億元，佔總營收比重達到 62.2%；到 2025 年海外收入降至 1100 萬元，佔比僅 2.0%。
喺而家全球地緣政治複雜、部分國家對智能汽車數據監管趨嚴嘅背景下，為佢嘅全球化故事增添咗一絲不確定性。
04
結語
天瞳威視嘅二次闖關，係智能駕駛行業進入「淘汰賽」階段嘅一個縮影。
從好嘅方面睇，佢踩準咗 L2 性價比同 L4 場景化落地嘅雙重節奏，且經調整純利潤喺特定口徑下已接近盈虧平衡，呢啲都畀投資者提供咗「有亮點可講」嘅故事線。
但從風險嘅角度睇，情況遠比首次遞表時更為嚴峻。業務重心嘅急速漂移、L4 業務商業化初期嘅盈利磨難、研發投入嘅被動收縮，呢啲此前就已存在嘅問題並未緩解。
天瞳威視 L4 級智能巴士
而真正令此次 IPO 帶「求生」色彩嘅，係現金流數據嘅實質性惡化：2.35 億元嘅賬面現金，面對每年近 3 億元嘅经营性現金淨流出，安全邊際已不足一年。疊加 300 天嘅應收賬款周轉天數，意味著公司每交付一筆訂單，都要墊付近一年嘅資金成本。
換言之，天瞳威視正處喺一個危險嘅財務窗口期：賬上嘅錢僅夠維持唔足一年嘅正常運作，而 L4 業務嘅大規模交付同回款卻需要更長時間。喺呢個智駕資本熱潮退去、一級市場融資邊際收緊嘅時刻，公司已冇太多等待嘅餘地。
首次遞表失效後僅隔半年便再次衝擊港股，對天瞳威視而言，與其話係戰略選擇，唔如話係現金倒逼下嘅必然之舉。
5 月 27 日，橡膠板塊早盤大幅向上震盪，多頭情緒顯著回暖。RU 主力 2609 合約平開高走，最高觸及 17775 元/噸，放量突破 17500 元/噸關口；20 號膠主力大漲 2.70%，合成橡膠跟漲，板塊共振走強。盤面的強勢飆升，折射出當前輪胎製造上游正全面陷入“價格高、波動高、不確定性高”的“三高”困局。在成本重壓之下，國內外輪胎企業密集發聲，6 月加價潮已箭在弦上。
供需失衡，天然膠價格創兩年新高
今日盤面的猛攻，是現貨市場持續緊平衡的集中爆發。今年以來，天然橡膠價格持續走高，目前現貨價格在 17500-17900 元/噸區間，較年初上漲約 14%；期貨價格亦上漲 11%，均處近兩年高位。在海南白沙，乾膠收購價達 17 元/公斤左右的高點，加工企業紛紛搶收。
然而，高價位雖調動了割膠積極性，卻難改全球結構性短缺的底層邏輯。據天然橡膠生產國協會預測，2026 年全球需求量將達 1560.2 萬噸，產量預計僅為 1532.4 萬噸，缺口明顯。主產區泰國因膠園改種、膠樹老化產量乏力，厄爾尼諾現象帶來的高溫乾旱亦加劇了 5-6 月產量釋放不足的減產預期。國內雲南、海南開割初期產量偏慢，供應低產期拉長。
需求端，國內輪胎企業開工率穩步修復，新能源汽車 4 月產銷同比分別增長 5.5% 和 9.7%，整車出口大漲 74.4%，下游剛需穩健托底。供需錯配之下，國內庫存持續去化。5 月 22 日當周，青島保稅區區內庫存環比減少 0.59 萬噸至 13.36 萬噸，一般貿易庫存環比減少 0.25 萬噸，現貨流通偏緊為盤面提供強支撐。
格局顛覆，合成膠上演歷史性反超
天膠飆升僅是冰山一角，合成橡膠的異動更讓輪胎企業承壓。今年 3 月，國內合成橡膠期貨主力合約盤中強勢漲停，單日漲幅高達 11.99%，年內累計漲幅超 53%。
更值得關注的是，合成橡膠價格當時首次反超了天然橡膠，兩者價差一度超過 1300 元/噸，徹底顛覆了行業“天然膠比合成膠貴”的長期認知。雖近期受中東局勢和緩影響，合成膠價格下探至 14000 元一線，但受國際原油反彈超 3% 及資金回流能化板塊帶動，合成橡膠價格近期再度抬頭，間接支撐天然橡膠走強，原材料波動率居高不下。
成本倒逼，6 月加價潮再度逼宮
面對上游原材料的狂飆，輪胎企業利潤嚴重受壓，加價成為唯一出路。國際品牌率先佈局 6 月：韓泰、鄧祿普、錦湖相繼宣佈自 6 月 1 日起上調產品價格 2%-6% 不等；米其林、普利司通、固特異等也在 5 月完成了新一輪調價。
國內品牌亦不甘落後，迎來今年的第二波甚至第三波加價。超 40 家輪胎企業在 5 月發佈調價函，採取“小步快跑”策略，高頻微調對沖成本劇烈震盪。
不過，6 月加價潮雖已確立，落地節奏卻將顯著分化。在產能整體過剩背景下，“加價函”與“促銷政策”並存的扭曲局面或將延續。頭部企業憑藉成本轉嫁能力借勢升級，而部分中小型品牌為保市場份額，可能被迫暫緩調價或變相促銷。這場由“三高”引發的風暴，正加速重塑輪胎產業的競爭版圖。
圖片來源：央視財經
